Posted on 14 Jun 2010
Aon Benfield, a premier world reinsurance intermediary and capital advisor, announced that it has won four prestigious awards for its utilization of ACORD data standards.
ACORD (the Association for Cooperative Operations Research and Development), the re/insurance industry's non-profit standards developer, honoured the company at the annual 2010 ACORD LOMA Insurance Systems Forum in Las Vegas.
Aon Benfield was presented with the Round Trip of Data award in recognition of its use of ACORD’s Reinsurance & Large Commercial (RLC) standards during its pilot program of the SWIFT/Ruschlikon Initiative
The Initiative, which is being driven by a group of large global reinsurance entities, primarily focuses on the standards-based automation of the accounting and settlement phases of reinsurance process.
Aon Benfield received two Most Compelling Case Study awards; one for its recently launched FAConnect electronic placement platform – which fully embraces ACORD standards and enables Aon Benfield clients to quote and bind their own facultative risk placements from their computer desktops in less than five minutes.
The second was for the company’s use of ACORD reinsurance standards during the Aon Benfield merger of the Aon Re AReNA and Benfield GRiDS systems.
Meanwhile, Tom Neff, Aon Benfield Director of eCommerce, received an ACORD Certified Expert (ACE) Award for completing the ACORD reinsurance ACE exams in May, 2010.
Beth Grossman, ACORD Chief Learning Officer, said: “On behalf of ACORD, I want to congratulate Tom on becoming an ACORD Certified Expert. It’s a great achievement and his input on the program will be invaluable to its development and expansion. He is the first Reinsurance Expert in the U.S. and we know he’s leading the way for many others.”
The ACORD Awards are presented to member companies that have demonstrated outstanding effort in advocating and implementing ACORD insurance and reinsurance standards.
Aon Benfield continues to expand its use of ACORD messages across its business partners in London and Europe, and is growing its eCommerce partner base in the U.S. to enhance its global implementation of the standards.
Ian Summers, Director of Change Strategy at Aon Benfield, said: "These awards recognize our continued commitment to delivering real efficiencies into the insurance process, both enhancing transparency and client service. We are very proud of the leadership position we hold, and recognition of both our technological innovation and in-depth industry standards knowledge from ACORD can only help us drive further benefits to all our trading partners."
Lloyd Chumbley, ACORD Vice President, Standards added: "I want to congratulate Aon Benfield for their many achievements and for receiving 2010 ACORD Awards in both Reinsurance & Large Commercial and Property & Casualty/Surety categories. They continue to show the industry how essential ACORD data standard implementations are for improving communication and integration.”